Mortgages for First-time buyers
Getting onto the first step of the property ladder is important to many of us.
By the time you’re reading this your finances should be in order and you’ll have a deposit ready.
How much deposit do I need to buy a house – first time buyer?
Typically speaking you’ll need a deposit of around 5% of the property value to get a mortgage. If you can save more than this it opens up your options to a wider range of mortgage products.
The mortgage lender will then lend you the balance of 95% which you will repay over a 20 to 30 year term.
If you are looking at a new property then the government’s help to buy scheme can subsidise your deposit and make your deposit go further. Find out more about help to buy here.
Who is eligible for a first time buyer mortgage?
To be eligible for a first time buyer mortgage this needs to be the first time you have bought a property